Therefore, I have revisited the move of the Dec 2013 low and whilst it looks very convincing as impulsive 5 wave up and I was willing to accept that, though it was not entirely clear and fits more a 3 swing move.
Consequently, with the complete overview from Sept 2011 high I am concluding that we are still in larger Wave 4 correction forming 1st to Dec 2011 low followed by wxy move to October 2012 high as larger X wave.
Since then we have 5 wave decline to June 2013 low as wave A, followed by a triangle to recent high forming wave B and now we could be in early development of wave C unfolding in 5 wave decline. Hence new downside target could be well below last 3 lows namely 1100 as conservative or even 1000 as round number. This could be the despair phase leading to potential capitulation low.
Upon completion of this double we should resume the major uptrend to retest Sept 2011 high or make new higher high.
This is in contract to many Elliotwave Analyst expecting this entire move from Sept 2011 high to be 5 waves decline suggesting a multi year sideways to decline.
For general discussion and possible use of Options to trade big swings with relatively limited risk view Youtube Video at Link: https://www.youtube.com/watch?v=OnVcuQfB...
Remember, this is my interpretation of the price action and application of Elliotwave along with standard . You must do your own analysis for your trade planning.